Welsh Government support for Financial and Professional Services creates success story for Cardiff

Welsh Government has helped to create, safeguard or assist within the Financial and Professional Services (F&PS) sector in Wales since 2011 is set to exceed 10,000.

The rapid growth in the key F&PS sector has been driven by Cardiff’s rapid transformation into one of the most attractive locations in the UK for financial and professional service companies outside London, supported by Welsh Government.

First Minister Carwyn Jones officially opened Deloitte’s new offices in Park Street last week. The opening marks the growth of Deloitte’s centralised business operations in Cardiff where the company has plans to recruit additional professionals that will lead to a workforce of around 1,000 by 2017. Earlier this year the Welsh Government announced £3.5m of support for Deloitte’s expansion in Wales which will create 700 new jobs over the next five years.

Last week, Property developer JR Smart announced plans for a third new office building in Capital Quarter, providing a further 75,000 sq ft office space in the heart of the Central Cardiff Enterprise Zone. The recent investments in the Capital Quarter have created much-needed Grade A office accommodation across the Enterprise Zone, including the exciting Legal and General investment in Central Square. The Welsh Government’s purchase of 1 Capital Quarter in 2013 helped improve confidence and create much needed supply at a critical time.

Economy Minister Edwina Hart said:

“The financial and professional services sector has been a real success story for Wales. We are well on the way to fulfilling our ambition for Cardiff to become the UK’s top location for financial and professional services outside London. That is why we invested in the provision of Grade A offices in the capital and made Central Cardiff the first enterprise zone in the UK to be dedicated to the sector. The investment by companies like JR Smart, in speculative offices, and by Deloitte, in expanding their presence here, shows the private sector is buying into our vision for Cardiff.

“I am very pleased by the growth achieved in the sector over the past four years and with more positive announcements due in the coming months we will exceed 10,000 jobs supported by the Welsh Government by the end of this financial year. As a pro-business government we are committed to supporting Welsh companies to create economic growth and high-quality jobs.

Mrs Hart added:

“Between 2011 and 2015 this Welsh Government has supported more than 8,500 jobs in the financial and profession services sector across Wales and we are confident that total will exceed 10,000 by the end of this financial year.  There are around 140,000 people working in the sector in Wales, an increase of some 14,000 since 2011.”

Speaking ahead of his visit to Deloitte, First Minister Carwyn Jones said:

“Deloitte’s expansion and the planned jobs creation in the Central Cardiff Enterprise Zone is great news. I’m sure that Deloitte’s increasing presence in the capital will attract other similar companies. It’s really important that financial and professional services operations see Cardiff as a good place to do business – a vibrant and viable option outside London.”

Central Cardiff Enterprise Zone was established with the aim of becoming one of the UK’s premier locations for the financial and professional services sector. The primary focus is the development of new Grade A offices, which together with improvements to transport and ICT infrastructure will help secure further business growth and job creation within the Zone and across the city.